Shark Tank returned for season 15, and among the businesses featured in the season opener was GATSBY Chocolate. Founded by Doug and Ryan Bouton, the company sells a range of low-calorie chocolate bars that include dairy-free and gluten-free flavors. They struck a deal with Mark Cuban and Lori Greiner. After the show, GATSBY Chocolate is worth an estimated $3 million.
Doug and Ryan Bouton
On the show, Doug and Ryan presented an interesting take on a beloved snack item. Although their chocolates contain less sugar, they didn’t sacrifice taste for nutritional value. This resonated well with viewers who have a sweet tooth but want to maintain a healthy diet.
As a co-founder of Halo Top, Doug Bouton is no stranger to making dough in the food industry. Halo Top is a low-calorie ice cream brand that hit $250 million in annual revenue and sold for an undisclosed figure.
Previously, Doug was a lawyer and leaving the legal field was a wise career move. Flush with cash after selling Halo Top, he spent time scoping out the chocolate business.
This time, he brought his family along for the ride. One of his most trusted colleagues was his brother Ryan, who was also a big help when Doug was running Halo Top. During that time, the connections they made helped them kickstart their second business.
Founding GATSBY Chocolate
GATSBY Chocolate launched in 2022 with 10 chocolate products which taste similar to regular chocolate but with 75% less sugar. The ingredients are all plant-based and have little to no cocoa butter as the founders wanted to cut down on fat.
The chocolate bars only contain 180 to 210 calories and the startup gained recognition from media outlets like Forbes as the ‘lowest calorie chocolate on the market.’
The brothers delivered a solid pitch but the Sharks didn’t like how they lost $3.5 million in 2022. They agreed a deal with Mark and Lori, $250,000 in cash and a $250,000 loan for 20% of the brand.
After Shark Tank
When the episode aired in September 2023, the founders noticed a big uptick in website traffic and emails from interested customers. The first 48 hours after the show is generally the toughest as Doug and Ryan found out late that their episode would be airing.
It doesn’t appear that the deal with Mark and Lori has closed, as neither Shark Tank has listed the business on their websites. Maybe the deal is still in the due diligence phase. Potentially the founders could pull out of the deal, as once sales hit $50 million, Mark and Lori’s equity increases to 40%. Also, no rebrand has taken place yet.
You can’t buy directly from their website as chocolate is too expensive to ship. If you visit GatsbyChocolate.com, you can see their store locations. GATSBY is now sold in Walmart, Sprouts, Pavilions, Safeway, Albertsons, and Vons. Alternatively, you can check out their Amazon store.
GATSBY Chocolate prides itself as the number one rated chocolate on Walmart.com, where they have thousands of five-star reviews. Currently, the business is in a strong place despite a challenging economy. It wouldn’t surprise me if GATSBY Chocolate gets acquired by a big competitor within the next two years.
